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• <br />DONALD TRAVIS SALTER <br />ATTORNEY AT LAW <br />1.400 FULTON NATIONAL BANK BUILDING <br />3.i MARIETTA STREET. N.W. <br />DONALD TRAVIS SALTER ATI»IATA. GEORGIA 30:30:1 <br />.ILEX 1411: (•404)839-4488 <br />June 5, 1979 <br />William C. Wodtke, Jr., Chairman <br />Board of County Commissioners <br />of Indian River County <br />Indian River County Courthouse <br />Vero Beach, I'lorida, 32960 <br />Re: Treasure Coast Utilities, Inc. <br />Dear Mr. Wodtke: <br />This is to acknowledgq our conference at the•offices of <br />County Attorney Collins yesterday at which time we discussed <br />the various areas of progress by Treasure Coast Utilities, <br />Inc. during the past nine months and the efforts undertaken <br />to purchase and install a new °sewage treatment plant. Relative <br />to that matter, I point out that while earnest money deposits <br />had been tendered, engineers retained and appropriate docu- <br />ments prepared for both the State DER and my funding bank, <br />I was expressing grave difficulties in consumating the <br />transaction. <br />Specifically, the cost of the purchase and installation <br />of said plant, together with other types of upgrading the <br />facilities were such that a private loan of less than 5 to <br />8 years in length was financially questionable to the bank, <br />while the repayment would criple the cash flow of the <br />Company. <br />Because of the County's presence in the utility area, <br />various avenues for private investment and/or adequate <br />debt capital financing are either limited or totally <br />chilled. The bank with whom I am dealing has recently <br />expressed various reservations concerning this Company's <br />cash flow from its limited customer base relative to any <br />JUN., 61979 <br />BOOK 40 FAGF <br />I <br />